My goals incorrectly reflect that I am way over budget in rent and utilities because it will not immediately offset the total amts that I pay out my acct, with the reimbursements of my 2 roommates. As a result there is no money left over for other budget categories which is completely wrong. How do I combine the expenses for rent and utilit. with the income (well it's technically not really income but that's how it's classified) from my roommates reimbursements? Can Quicken correct this? Or, is there another quicken product that would simplify this?
Budget tells me I'm way overbudget in rent because it's not taking into acc Nov 03, 2009 08:20 am
This post is about: Quicken Online
Just budget the total rent amount and then add a line item for the rent you receive from your roommates as Misc Income.
Another fix is to "split" the rent payment when it clears so that your portion is categorized as rent and the rest is categorized as transfer out. But make sure the money you receive is classified as transfer in...the net will be zero.
Categorize your rent check as Rent, then when you get the income from the roommates, categorize that income as Rent. This will offset and should give you a correct picture of what your net output to rent.
You can do what my son does with his rent. He pays the monthly rent for his roommates with a check. his roommates then pay him cash. As he spends the cash he goes into the rent expense and splits out the spend by adding the additional categories. For example, if his rent is 1200, and he splits that with 3 roommates. Therefore his share is $400. He will then use the cash to pay the utilities, groceries and cable and extra spend. Therefore he goes into the @1200 expense transaction for rent and splits the transaction to add 150 utilities, 200 groceries, and 50 cable and any additional spend. If he deposits any of the cash in the bank then he will categorize that deposit as rent. It then all balances out.
